Shutdown, But Not Shut Out – Members Look to Credit Unions During Uncertain Times
ST. PAUL, MN (October 2, 2013) — The federal government shutdown is now a reality, and while its total impact remains to be seen, Minnesota credit unions are prepared to help members meet their financial needs for the duration.
“TopLine stands ready to help any member affected by the government shutdown, just as we would help any member at any time who finds themselves with unexpected challenges in their lives,” said Harry Carter, President & CEO of TopLine Credit Union in Maple Grove, Minn. “We are always here to help in times of uncertainty.”
Credit unions are taking a number of steps to help meet their members’ needs by allowing delayed payments, making credit available, waiving fees, providing financial counseling and communicating directly with their members.
“Our normal course of business includes working with our members by providing services like short-term income interruption loans when unusual events happen,” said Lisett Comai-Legrand, Assistant Vice President of Operations at First Alliance Credit Union in Rochester, Minn. “We help our members review their finances and determine what kind of services they need to help them get through a rough patch.”
No matter the length of the shutdown, the impact on members is the top concern for credit unions. “The most important message we can share with Minnesota credit union members is that their money is safe. NCUA is not subject to the shutdown because it is an independently-funded agency, and will continue normal operations,” said Mark D. Cummins, MnCUN President & CEO. “Minnesota credit unions will continue to be the best financial partner for their members during this uncertain time.”
The Minnesota Credit Union Network is an organization representing the state’s 133 not-for-profit cooperative credit unions serving more than 1.5 million member-owners in Minnesota. For more information, visit www.mncun.org.